Stock Traders Buy High Volume of Enovix Call Options (NASDAQ:ENVX)

Enovix Co. (NASDAQ:ENVX) was the recipient of some unusual options trading on Thursday. Traders bought 31,902 call options on the stock. This represents an increase of 60% compared to the average daily volume of 19,932 call options.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 price target on shares of Enovix in a research note on Wednesday, February 21st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 target price on shares of Enovix in a report on Thursday. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $30.00.

Enovix Stock Performance

Shares of NASDAQ ENVX opened at $5.84 on Friday. Enovix has a 52-week low of $5.70 and a 52-week high of $23.90. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30. The company’s 50 day moving average price is $8.30 and its 200-day moving average price is $10.13.

Enovix (NASDAQ:ENVX) last released its earnings results on Tuesday, February 20th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.01). Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. The firm had revenue of $7.38 million during the quarter, compared to analyst estimates of $3.37 million. Research analysts forecast that Enovix will post -1.13 EPS for the current year.

Insider Buying and Selling at Enovix

In other news, COO Ajay Marathe sold 4,954 shares of the business’s stock in a transaction dated Sunday, April 14th. The stock was sold at an average price of $7.31, for a total transaction of $36,213.74. Following the sale, the chief operating officer now directly owns 978,913 shares in the company, valued at $7,155,854.03. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 17.30% of the company’s stock.

Institutional Investors Weigh In On Enovix

Several institutional investors and hedge funds have recently made changes to their positions in the business. Meridian Wealth Management LLC lifted its stake in Enovix by 15.7% in the first quarter. Meridian Wealth Management LLC now owns 99,870 shares of the company’s stock valued at $800,000 after buying an additional 13,530 shares during the period. Wealth Effects LLC lifted its position in shares of Enovix by 44.7% during the 1st quarter. Wealth Effects LLC now owns 147,200 shares of the company’s stock valued at $1,179,000 after acquiring an additional 45,450 shares during the period. Refined Wealth Management boosted its stake in Enovix by 42.5% during the first quarter. Refined Wealth Management now owns 458,792 shares of the company’s stock worth $3,675,000 after acquiring an additional 136,758 shares in the last quarter. tru Independence LLC grew its holdings in Enovix by 0.6% in the first quarter. tru Independence LLC now owns 303,435 shares of the company’s stock worth $2,431,000 after purchasing an additional 1,712 shares during the period. Finally, Udine Wealth Management Inc. increased its stake in Enovix by 1.9% in the first quarter. Udine Wealth Management Inc. now owns 137,314 shares of the company’s stock valued at $1,100,000 after purchasing an additional 2,601 shares in the last quarter. Institutional investors own 50.92% of the company’s stock.

Enovix Company Profile

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. It serves wearables and IoT, smartphone, laptops and tablets, industrial and medical, and electric vehicles industries. The company was founded in 2007 and is headquartered in Fremont, California.